2009 Goals: Financial Freedom

I shared all of our 2009 goals here (expired). But, I want to take time to elaborate more on our financial goals for the year.

Our personal financial goals this year are pretty straight forward, and nothing new. We will be continuing to focus on several items that were on our 2008 goals, but we have a new focus. Over the summer, I read “The Total Money Makeover” by Dave Ramsey. I have heard of many of Dave's ideas and we were actually following many without knowing they were in the book. After reading through the book, I was hooked (and so were my friends). If you are really serious about ridding debt from your lives once and for all, give this book a chance.

Dave's baby step approach is smart and encouraging as you focus on eliminating debt, starting an emergency fund, and planning for your future. As an organized list maker, I find that as I see each step being marked off (ever so slowly), it is encouraging to me. We aren't “gazelle” intense but have taken the majority of what he is suggesting and making it work for us – you will see that in our goals too.

Savings for New ExpensesMonthly: put money into savings for a “new to us” car and a house project. Our goal is to have this account funded by July 2009. ** This isn't a step in Dave's plan. To ensure we don't incur any additional debt, this is something we are going to do.

Savings for 6-Month Emergency FundMonthly: accumulate money for our Emergency Fund. Our goal is to have this complete by December 2009.

I will plan on updating this as I update and share our progress quarterly (or sooner if we meet something!).

Do you have specific Financial Goals this year? Please share in the comments or leave a link to your place – you are not alone!

I absolutely love that man. We’re working the baby steps — I have step 1. Now I just need to do a budget so we can work on Step 2 (which I’m doing anyway, just maybe not on a budget yet.) I saw him in Tampa last year. Only problem…I think I’m more motivated than my DH to get this stuff taken care of. BUT…I still have hope that it can be done, which I’d all but lost before I found Dave.

Huge Dave Ramsey fan here! If you like the book I encourage you to check out his class, Financial Peace University. We took it 5 years ago & paid off all our debt except for the house and saved our Emergency Fund in under 3 years. We're currently doing steps 4(15% in retirement);5(kids college); and 6(paying off the mortgage early). We saved up cash to buy a sligthly used van a few months ago and have taken a couple of paid for vacations. This was done on a single income with 3 kids! The price we paid for the kit we have made back thousands of times by now. We've also had the privilege to lead several FPU classes at our church. You can find classes in your area by going to the Dave Ramsey website and entering your zip code. I can't say enough great things about the program! Congrats to all those with Financial Goals for 2009, you're way ahead of most people :)

My husband and I just finished baby step 1, paying off all our college loans (around 35,000)and step 2 saving our 3-6 month income in an Emergency Fund in about a year and a half. We are now saving everything we can and hopefully will be able to have 20% to put down on a house by the end of the year.

This system truly does work. I carry a coupon organizer in my purse to hold/seperate all our cash (groceries, clothing, eating out, etc.)